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Investment
News and Deals
120/122 Cornwall Street, Plymouth
Plymouth
The long leasehold of 120/122 Cornwall Street, Plymouth let to Specsavers
Optical Superstores Ltd, has been sold at a purchase price of £805,000,
reflecting a net initial return for the purchaser of 6.92%.
The Specsavers currently produces a net income of £59,064 pa, on
a lease for fifteen years, from 25 December 2000, with a tenant option
to break on 2010. Joint Agents are Allsop LLP and Vickery Holman.
P & R Wadebridge Developments Ltd has sold the freehold interest of their development on the Bodieve Business Park, Govene Hil, Wadebridge for £1.3m to a private investor.
The 14,680 sq ft property is let to Jewsons on a 15 year lease at an annual rental of £75,000, subject to five yearly open market reviews. This represents a net initial yield of 5.5%.
The purchasers were advised by Alder King and Hartnell Taylor Cook LLP advised the vendors, P & R Wadebridge Developments.
Redruth
Barnfield Commercial has purchased the freehold interest in 14 Carn Brea Business Park, Redruth for the sum of £526,000 on behalf of private pension fund clients.
The property is let to ATS Euromaster for 10 years on fri terms at a rental of £33,696 pa, which represents a yield of 6.06%. The premises comprise a tyre depot of 4,992 sq ft.
The vendor’s were represented by Stratton Creber Commercial of Exeter.